You are contemplating a life changing decision- business ownership. It is an exciting time, but it may also be a bit confusing and bring some insecurity and fear. Your franchise consultant will take you through a decision making franchise process, step by step, without any obligation or pressure. We follow a proven process that will guide you towards clarity. There are many factors that will come into play before you can decide if business ownership is for you. If you decide that you want to proceed, we continue working methodically until we can narrow down the businesses that may fit your interest, need, and financial situation. We will work with you until you can make a fully informed decision.
Each step of the process will build on the previous step, where we have evaluated your desire, abilities, skill sets, interest and other factors. Once we have a complete understanding of you, your driving force and abilities we will start identifying fitting franchise models.
We use a well proven process. By following the process, you will acquire all the information needed to make your fully informed decision.
There is no set time line for the franchise process; it is up to you how fast or slow you want to travel through the process.
1. Introduction and Education
One of our business consultant will schedule a convenient time for an introductory phone call to talk about you, your background and the motivational factors for your decision to investigate business ownership. The business consultant will explain the process in detail so that you are comfortable and know what to expect.
2. Personal Assessment
Your business consultant will send you a Personal Assessment form for you to fill out and submit. The Assessment Form will ask you questions about your background, lifestyle, financial abilities, goals and other significant factors that will lay the groundwork for proceeding to identify suitable business opportunities for you.
In a scheduled phone call, our business consultant will go over the Personal Assessment form with you verbally. You will get the opportunity to elaborate and explain your answers as our consultant may have follow up questions to your written replies.
4. Introduction to business models that best match your criteria.
Our franchise consultant will select and present industries and businesses that match your background and criteria.
This phase allows contact and evaluation of businesses with our guidance.
After we introduce you to the franchisors or an existing business, a representative from each company should contact you within a business day. It is important that you are prepared when contacted; remember they are evaluating you just as much as you are evaluating them! We will help you to prepare a valid list of questions and make sure you receive the Franchise Disclosure Document (FDD) sent to you by the franchisor. The FDD is a legal document required by the Federal Trade Commission that provides all pertinent information about the franchisor and a list of the franchisees.
An exciting step in the process, when you will call and visit some franchise owners.
Here is your chance to call a number of existing business owners to ask candid questions. We recommend that you call many existing franchisees. Make sure you are calling owners from all spectrum of the franchise base; some will be successful and some may be struggling. If possible, arrange to meet franchisees in person at their place of business. This will give you real insight into daily operation.
When you have completed this step, you should ask yourself if this is a business that you can see yourself in. Will you enjoy it? Will you be good at it? Can I identify myself with the successful owners? Do I have the right attitude and traits to be successful?
If the answer is yes, the next step will be to:
6. Visit the Franchisor – Discovery Day
Here is your opportunity to meet the franchisor face to face. You can expect a day full with informational presentations and meetings with the management, daily operating personnel, training department, sales and marketing support teams and accounting personnel.
Ask yourself the question: Does this company seem like a good partner for me?
7. Due Diligence
Franchise Regulations and Franchise Disclosure Documentation
Federal and State law in 13 States require that a person who is considering buying a franchise must receive an updated current copy of the FDD (Franchise Disclosure Document) at the first meeting with a representative of the franchise company. The prospective buyer must also be in possession of the FDD for at least 14 calendar days before the prospect can sign any type of commitment or any monies are given. In addition, the franchise contract must be in the hands of the prospect for at least 5 days before it can be signed.
In this step you may want to contact experts for advice, such as a franchise Attorney and/or your Accountant.
8. Signing the Franchise Agreement
The decision is made, and the last step is finally here: signing the franchise agreement! Your territory is locked in and the payment for the franchise fee is lined up. Welcome to training and Grand Opening!
9. The connection and business advice continues after opening.
We remain in contact long after opening to follow up and advise. Again our services are completely free to you.